Print Preview - Final Application: Resources Requested

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Print Preview - Final Application

Tax Credits, RPP Loans, and/or Tax Exempt Bond Loans
Resources Requested
Check all that apply: Federal Low Income Housing Tax Credit State Low Income Housing Tax Credit Tax Exempt Bonds Rental Production Program (RPP) Loan Requested RPP Loan Amount: 556,672 RPP Loan Product Requested: Multi-Family Production
https://www.nchfa.org/Rental/RTCApp/(lae03q45zsojus3tebdfcp45)/site/PrintApp.aspx?II... 1/14/2005
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Project Name and Location

Project Name: Ashton Spring Apartments Address: City: Snow Hill Street Ayden County: Pitt Block Group: 1 Zip: 28513
Census Tract: 14
Is project in Qualified Census Tract & Difficult to Develop area: No Political Jurisdiction: Jurisdiction Address: Jurisdiction City: Jurisdiction Phone: Town of Ayden Last: House Title: Mayor 4061 East Avenue Ayden (252)746-7077 Zip: 28513
Jurisdiction CEO Name: First: Michael
Site Latitude: Site Longitude:
35.473218 -077.42217
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Project Description
Project Type:* New Construction Rehab Adaptive Reuse
Is this project a follow-on (Phase II, etc) to a previously-awarded tax credit development project? No If yes, list names of previous phase(s): Will the project be receiving federal rental assistance? Yes If yes, provide the subsidy source: RD and number of units: 24
Target Population: Elderly (RHS/HUD) Indicate below any additional targeting for special populations proposed for this project: Mobility impaired handicapped: 5% of units comply with QAP Section IV(F)(3) (in addition to other federal and state requirements) Persons with disabilities or homeless populations: the greater of 5 units or 10% of the total units Remarks: Five units will be targeted to persons with disabilities. See enclosed targeting plan.
Proposed number of residential buildings: 1 Types of Units:* Project Includes:
Maximum number of stories in buildings: 1
Townhouse
Duplex
Garden Apartment
Detached Single-Family
Separate community building - Sq. Ft. (Floor Area): Community space within residential bulding(s) - Sq. Ft. (Floor Area): 8,430 Elevators - Number of Elevators: Square Footage Information Gross Floor Square Footage: 31,400
Total Net Sq. Ft. (All Heated Areas): 31,143
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Applicant Information
Applicant Name: Address: City: Contact: Telephone: Evergreen Construction Company 7706 Six Forks Road, Suite 202 Raleigh First: Tim (919)848-2041 State: NC Zip: 27615 Last: Morgan Title: Vice President
Alt Phone:
(919)630-3383
Fax:
(919)848-0455
Email Address:
tim@spectrum-evergreen.com
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Site Description
Total Site Acreage: 3.4313 Total Buildable Acreage: 3.4313 If buildable acreage is less than total acreage, please explain:
Identify utilities and services currently available (and with adequate capacity) for this site: Storm Sewer Water Sanitary Sewer Electric
Is the demolition of any buildings required or planned? No If yes, please describe:
Are existing buildings on the site currently occupied? No If yes: (a) Briefly describe the situation:
(b) Will tenant displacement be temporary? (c) Will tenant displacement be permanent? Is the site in a distressed neighborhood? No If yes, does a community revitalization plan exist? Is the site directly accessed by an existing, paved, publicly maintained road? Yes If no, please explain:
Is any portion of the site located inside the 100 year floodplain? No If yes: (a) Describe placement of project buildings in relation to this area:
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(b) Describe flood mitigation if the project is in the East Region and will have improvements within the 100 year floodplain:
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Site Control
Does the owner have fee simple ownership of the property (site/buildings)? No If yes provide: Purchase Date: If no: (a) Does the owner/principal or ownership entity have vaild option/contract to purchase the property? Yes (b) Does an identity of interest (direct or indirect) exist between the owner/principal or ownership entity with the option/contract for purchase of the property and the seller of the property? No If yes, specify the relationship:
Purchase Price:
(c) Enter the current expiration date of the option/contract to purchase: 08/31/2003 (D) Enter Purchase Price: 65,000
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Zoning
Present zoning classification of the site: RM - Residential Multi-Family Is mutifamily use permitted? Yes Are variances, special or conditional use permits or any other item requiring a public hearing needed to develop this proposal? No If yes, have the hearings been completed and permits been obtained? If yes, specify permit or variance required and date obtained. If no, describe permits/variances required and schedule for obtaining them:
Is a public hearing of any kind required in the future for you to fully develop this property? No If yes, describe the nature of the hearing and when you expect the hearing will be held:
Are there any existing conditions of historical significance located on the project site that will require State Historic Preservation office review? No If yes, describe below:
Are there any existing conditions of environmental significance located on the project site? No If yes, describe below:
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Ownership Entity
Owner Name: Ashton Spring Housing Associates, LLC Address: City: 7706 Six Forks Road, Suite 202 Raleigh State: NC Zip: 27615 (If assigned) 028-40-6430 (If Not Assigned)
Federal Tax ID Number of Ownership Entity: Federal Tax ID Number of Managing GP or Member:
Entity Type: Limited Liability Company Entity Status: To Be Formed Is the applicant requesting that the Agency treat the application as Non-Profit sponsored? Is the applicant requesting that the Agency treat the application as CHDO sponsored?
No No
List all general partners, members,and principals. Specify nonprofit corporate general partners or members. Click [Add] to add additional partners, members, and principals.
Org:
Ashton Spring Housing Associates, LLC Last Name: Gardner Function: Managing Member
First Name: Lyle Address: City: Phone: EMail:
7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 tim@spectrum-evergreen.com State: NC Zip: 27615
Fax: (919)848-0455 Nonprofit: No TaxID 028-40-6430
Org:
Ashton Spring Housing Associates, LLC Last Name: Morgan Function: Member
First Name: Timothy Address: City: Phone: EMail:
7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 tim@spectrum-evergreen.com State: NC Zip: 27615
Fax: (919)848-0455 Nonprofit: No TaxID 241-17-2557
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Unit Mix
List each applicable unit mix combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Low Income Units Type Gdn Apt Gdn Apt Gdn Apt Gdn Apt # BRs Net Sq.Ft. 1 2 1 2 625 838 625 838 Total # Units 4 3 12 6 # Units 3 2 0 0 Monthly Rent 495 540 495 540 Electric Utility Allowance 79 102 79 102 Gas Other Mandatory Serv. Fees 0 0 0 0 **Total Housing Exp. 574 642 574 642
Utilites included in rents:
Water/Sewer
Market Rate Units Type # BRs Net Sq.Ft. Total # Units # Units Monthly Rent Utility Allowance Gas Other Mandatory Serv. Fees **Total Housing Exp.
Utilites included in rents:
Water/Sewer
Electric
Statistics All Units Low Income....... Market Rate....... Totals............... 25 5 12780 25 Gross Monthly Rental Income 12780
Units 5
Notes * ** Paint-to-Paint Square Footage Please refer to the Income Limits and Maximum Housing Expense Table to ensure that Total Monthly Tenant Expenses for low income units are within established thresholds.
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Targeting
Specify Low Income Unit Targeting in table below. List each applicable targeting combination in a separate row below. Click [Add] to create another row. Click "X" (at the left of each row) to delete a row. Add as many rows as needed.
# BRs 1 2 1 2 4 3 12 6
Units targeted at 40 targeted at 40 targeted at 50 targeted at 50
% percent of median income. percent of median income. percent of median income. percent of median income.
Total Low Income Units:
25
Note: This number should match the total number of low income units in the Unit Mix section.
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Funding Sources
NonAmortizing* Rate (%) Term (Years) Amort. Period (Years) Annual Debt Service
Source Bank Loan RPP Loan Local Gov. Loan - Specify: RD Loan AHP Loan Other Loan 1 - Specify: Other Loan 2 - Specify: Other Loan 3 - Specify: Tax Exempt Bonds State Tax Credit(Loan) State Tax Credit(Direct Refund) Equity: Federal LIHTC Non-Repayable Grant Equity: Historic Tax Credits Deferred Developer Fees Owner Investment Other - Specify: Total Sources**
Amount
556,672
0.00
30
30
18,555
500,000
1.00
30
50
12,711
369,943
30
30
1,091,793
2,518,408
* "Non-amortizing" indicates that the loan does not have a fixed annual debt service. For these items, you must fill in 20-year debt service below. ** Total Sources must equal total replacement cost in Project Development Cost (PDC) section. Estimated pricing on sale of Federal Tax Credits: $0. 75 Remarks concerning project funding sources: (Please be sure to include the name of the funding source(s))
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Development Costs
Item Cost Element 1 Purchase of Buildings (Rehab) 2 Demolition 3 On-site Improvements 4 Rehabilitation 5 Construction of New Building(s) 6 Accessory Building(s) 7 General Requirements 8 Contractor Overhead 9 Contractor Profit 10 Construction Contingency 11 Architect's Fee - Design 12 Architect's Fee - Inspection SUBTOTAL (lines 1 through 12) 13 Construction Insurance (prorate) 14 Construction Loan Orig. Fee (prorate) 15 Construction Loan Interest (prorate) 16 Construction Loan Credit Enhancement (prorate) 17 Construction Period Taxes (prorate) 18 Water, Sewer and Impact Fees 19 Survey 20 Property Appraisal 21 Environmental Report 22 Market Study 23 Bond Costs (specify) 24 Cost of Issuance 25 Placement Fee 26 Permanent Loan Origination Fee 27 Permanent Loan Credit Enhancement 28 Title and Recording SUBTOTAL (lines 13 through 28) 29 Real Estate Attorney 30 Other Attorney's Fees 31 Tax Credit App Fees 32 Cost Certification/Accounting Fees (Cost Cert.) 33 Tax Opinion 34 Organizational (Partnership) 35 Tax Credit Monitoring Fee SUBTOTAL (lines 29 through 35) 36 Furnishings and Equipment 37 Relocation Expenses 38 Developer's Fee (max 15% lines 2-36, less 8 & 9) 39 40 42 43 Other Basis Expense (specify) Other Basis Expense (specify) Other Non-basis Expense (specify) Other Non-basis Expense (specify) SUBTOTAL (lines 36 through 43) 44 Rent up Reserve 333,067 36,193 298,067 298,067 500 15,000 52,696 35,000 35,000 2,000 138,025 15,000 6,000 11,196 5,000 15,000 6,000 11,196 5,000 2,000 19,525 36,000 5,000 2,500 7,500 2,000 19,525 36,000 5,000 2,500 7,500 8,500 55,000 8,500 55,000 93,420 33,008 99,025 53,474 47,500 10,000 1,893,427 93,420 33,008 99,025 53,474 47,500 10,000 1,302,000 1,302,000 255,000 255,000 TOTAL COST Eligible Basis 30% PV 70% PV 0
41 Rent-up Expenses
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45 Operating Reserve 46 47 Other Reserve (specify) Other Reserve (specify) 2,453,408 0 2,399,715 550,000
48 DEVELOPMENT COST (lines 1-47) 49 Less Federal Financing 50 Less Disproportionate Standard 51 Less Nonqualified Nonrecourse Financing 52 Less Historic Tax Credit (residential) 53 TOTAL ELIGIBLE BASIS 54 Times Applicable Fraction 55 TOTAL QUALIFIED BASIS 56 Tax Credit Rate 57 FEDERAL TAX CREDITS at Estimated Rate 57a FEDERAL TAX CREDITS at 8.5% or 3.75% 58 FEDERAL TAX CREDITS REQUESTED 59 STATE TAX CREDITS 60 Land Cost 61 TOTAL REPLACEMENT COST
0 1,849,715 100.00% 1,849,715 145,572 157,225 145,572 369,943 65,000 2,518,408 0 100% 0 0.00% 0 0 1,849,715 100% 1,849,715 7.87% 145,572 157,225 145,572
Comments: Line 19. includes both survey and engineering fees. Line 22. includes the cost of both the RD market study and the NCHFA market study.
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Market Study Information

Please provide a detailed description of the proposed project: We are proposing to construct a twenty-five (25) unit senior rental community on Snow Hill Road in Ayden. The project will consist of (16) one bedroom, one bath units and (9) two bedroom, one bath units for persons 62 years of age and older. The project will participate in the RD 515 program and will have 24 units of rental assistance. The design of the building is such that all units are ground floor garden style units. The main entrance is secured with a call panel entry system. All exterior doors are self locking. We will have over 8,400 s.f. of common area space for the residents use. There will be a computer room, a library/reading room, a multi-purpose room with a kitchen, a vending room, a TV/game room, an exercise room, two laundry rooms, an exam room, and additional storage rooms for the residents use. We will have units set aside for households at 40% and 50% of the county median income. In addition, we will have a contracted supportive services coordinator through the Pitt County Council on Aging. Construction (check all that apply): Brick Vinyl Wood HardiPlank Balconies/Patios Sunrooms Front Porches
Front Gables or Dormers Other:
Wide Banding or Vertical/Horizontal Siding
30 Year Dimensional Roof Shingles and a Covered Drive Thru Entrance.
Have you built other tax credit developments that use the same building design as this project? Yes If yes, please provide name and address: Willow Spring Apartments 700 Spring Forest Road Greenville, NC 27834 (Pitt) Silver Spring Apartments 601 Pony Road Zebulon, NC 27597 (Wake) Meadow Spring Apartments 190 Fieldspring Lane Raleigh, NC 27606 (Wake) Garden Spring Apartments 2830 Kidd Road Raleigh, NC 27610 (Wake) Site Amenities (check all that apply): Community Bldg - Sq Ft: Laundry Rm Game/Craft Rm Chapel/Prayer Rm Irrigated Lawns Walking Trails Pool Screened Porch Exercise Rm Picnic Area Security Gate Garden Spots Fitness Stations Community Room - Sq Ft: 8,430 Resident Computer Center TV Rm Onsite Leasing Office Car Care Area Basketball/Tennis Court Horseshoe Pit Garages - Number: Exam Rm Beauty Salon Onsite Mgr Storage Units Playground Shuffleboard Reading Rm/Library Vending Rm Onsite Maint. Person Gazebos Ball Field Covered Drive Thru
Onsite Activities: Continuous sidewalk all the way around the permiter of the building for outdoor exercise.
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Landscaping Plans: The building will have landscaped plantings in front of each of the apartments, placed in mulched beds. Trees will also be planted around the building and common areas. The interior courtyard will also be landscaped with plantings in mulched beds. The budgeted amount for landscaping is $1,000 per unit. A detailed landscape plan will be submitted with the full application.
Interior Apartment Amenities (check all that apply): Range W/D Hookups Flooring: Carpet Hood Mini-blinds Vinyl Central Air Dishwasher Pantry Wood Gas Heat Disposal Ceiling fans Wood Parquet Heat Pump Refrigerator (frost free) Walk-in closets Other VCT Storage interior/exterior
Ceramic Tile Electric Pump
Heating/Cooling:
Do you plan to submit additional market data (market study, etc.) that you want considered? Yes If yes, please make sure to include the additional information in your pre-application packet.
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Applicant's Site Evaluation

Briefly describe your site in each of the following categories: NEIGHBORHOOD CHARACTERISTICS Physical condition of buildings and improvements. Trend and direction of real estate development relative to the project. Area economic health (degree of decline or investment). The physical condition of the surrounding uses is fair to good. There are new for-sale duplexes being constructed further down Snow Hill Road as you head towards Hwy 11. New growth is also occurring just on the other side of Hwy 11. I would summize the economic health of the area as steady.
Suitability of surrounding development. Land use pattern is primarily residential with a balance of other uses, including non-competing multifamily and single family units, relevant amenities, shopping and services. The surrounding land uses are primarily residential. Adjacent to the site is the Liberty Arms Aparments, which is a section 8 housing authority property. Across the street are single-family homes. Heading towards Hwy 11, there is a nursing home and new for-sale duplexes. The majority of shopping is located on W. Third street which runs parallel to Snow Hill Road.
SITE SUITABILITY Adequacy of street(s) and/or access road(s) serving the proposed project and traffic controls (lights, stop signs, turning lanes). Access to mass transit (if applicable). The site is serviced by Snow Hill Road, which is a lightly traveled road that feeds into Hwy 11. It is more than adequate to serve the needs of this development.
Amount and character of vacant, undeveloped land. Effect of industrial, large-scale institutional or other incompatible uses: wastewater treatment facilities, high traffic corridors, junkyards, prisons, landfills, large swamps, distribution facilities, frequently used railroad tracks, power transmission lines and towers, factories or similar operations, sources of excessive noise, and sites with environmental concerns (such as odors or pollution). There is a large tract of vacant land (approx. 25 acres) adjacent to this site that is for sale. It used to be farm land. Then adjacent to that is a tract of land that is being developed as for-sale single-family duplexes. There are no offensive land uses or excessive noise concerns associated with this site.
Degree of on-site negative features and physical barriers that will impede project construction or adversely affect future tenants; for example: power transmission lines and towers, flood hazards, steep slopes, large boulders, ravines, year-round streams, wetlands, and other similar features. For adaptive re-use projects- suitability for residential use and difficulties posed by the building(s), such as limited parking, environmental problems or the need for excessive demolition. None exist.
Similarity of scale and aesthetics/architecture between project and surroundings. Our building is a one story design, which will fit in with the surrounding uses.
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Concentration of affordable housing (housing credit, project-based rental assistance, public housing). Next to the site is the Liberty Arms Apartments which is a public housing project. Ayden also has two RD-515 Elderly developments, Cardinal Pointe (24 units) and Briarcliff Manor (40 units). In addition to this, there are two RD-515 Family developments, Greenbriar Village (52 units) and Fairmont Village (50 units). All of the above mentioned have 100% rental assistance and stay occupied and maintain waiting lists.
Availability of Supportive Services (if applicable): We will be contracting with the Pitt County Council on Aging for our supportive services coordinator.
For each applicable neighborhood feature, enter distance from project in miles. 1.24 1.24 .8 .58 .8 Grocery Store Mall/Strip Center Outdoor Athletic Fields Day Care/After School Schools 11.0 1.12 .74 .67 Community/Senior Center Hospital Pharmacy Basic Health Care Medical Offices Bank/Credit Union Restaurants Professional Services Movie Theater Video Rental Public Safety (Fire/Police) Post Office
Public Transportation Stop 1.12 1.12 .41 .41 1.24 .44 .41 Convenience Store Basketball/Tennis Courts Public Parks Gas Station Library Fitness/Nature Trails Public Swimming Pools Other facilities or services: See vicinity map for other facilities and services. 1.12 .7 9.46 1.24 .73 .73
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Development Team
Provide contact information for development team members below: Management Agent Company: Evergreen Construction Company Address: City: Phone 7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 State: NC Zip: 27615 Email: tim@spectrum-evergreen.com Last: Morgan
Contact Name: First: Tim
Architect Company: Address: City: Phone
William Robert Wakeham, AIA 1014-200 High House Road Cary (919)468-7220 State: NC Zip: 27513 Email: Last: Wakeham
Contact Name: First: Bob
Attorney Company: Address: City: Phone
Howard S. Kohn 711 Harvey Street Raleigh (919)856-0200 State: NC Zip: 27608 Email: kohnlaw@nc.rr.com Last: Kohn
Contact Name: First: Howard
Investor Company: Address: City: Phone
Community Affordable Housing Equity Corporation 7700 Falls of Neuse Road, Suite 200 Raleigh (919)420-0063 State: NC Zip: 27615 Email: cnewcomer@cahec.com Last: Newcomer
Contact Name: First: Chuck
Consultant/Application Preparer (if different from developer) Company: Address: City: Phone Contact Name: First: State: Email: Last: Zip:
Identity of Interest? General Contractor Company: Evergreen Construction Company Address: City: Phone 7706 Six Forks Road, Suite 202 Raleigh (919)848-2041 State: NC Zip: 27615 Email: tim@spectrum-evergreen.com Last: Morgan
Contact Name: First: Tim
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Project Team Experience

Development List number low-income/tax credit housing projects and units developed, operated, and maintained in compliance by the principal(s) between December 1, 1996 and January 1, 2003: North Carolina Other States Projects: Units: 9 370 0 0
Management List number of low-income housing tax credit units managed in the past 10 years: North Carolina Other States Projects: Units: 17 728 0 0
Has any owner, principal, or management agent been debarred or received a limited denial participation in the past 10 years by any federal or state agency? No Has any owner, principal, or management agent been involved in a bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an adverse federal or state government proceeding and settlement in the past 10 years? No Has any owner or principal been in a mortgage default or delinquency of three months or more within the last 5 years on a FHA-insured project, a Rural Development funded rental project, a tax-exempt funded mortgage, a tax credit project, or any other publicly subsidized project? No Has any owner or principal been involved within the last 10 years in a project which previously received an allocation of tax credits but failed to meet compliance standards of the tax credit allocation, including return of a reservation of tax credits to the Agency after the carryover agreement has been signed? No Has any owner or principal had a Form 8823 filed with the IRS for noncompliance on a project using low-income housing tax credits or received a letter of non-compliance from the Agency? No
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Financing Commitments
Does the project have a firm commitment for construction financing? Does the project have a letter of intent for private permenant financing? Does the project have a firm commitment for government financing? Does the project have a letter of intent from an investor? Is any portion of the eligible basis of new contruction or rehabilitation financed with federal subsidies other than CDBG funds or funds from the HOME program? If yes, indicate the type and amount below: Tax Exempt Financing: $ RD 515 Financing: Hope VI Financing: Other: $ $ $ Yes No Yes Yes No
If Other, specify the type of Federal subsidy:
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Projected Operating Costs

Project Operations (Year One) Administrative Expenses Advertising Other Administrative Expense (specify): Office Salaries Office Supplies Office or Model Apartment Rent Management Fee Manager or Superintendent Salaries Manager or Superintendent Rent Free Unit Legal Expenses (Project) Auditing Expenses (Project) Bookkeeping Fees/Accounting Services Telephone and Answering Service Bad Debts Other Administrative Expenses (specify): SUBTOTAL Utilities Expense Fuel Oil Electricity (Light and Misc. Power) Water Gas Sewer SUBTOTAL Operating and Maintenance Expenses Janitor and Cleaning Payroll Janitor and Cleaning Supplies Janitor and Cleaning Contract Exterminating Payroll/Contract Exterminating Supplies Garbage and Trash Removal Security Payroll/Contract Grounds Payroll Grounds Supplies Grounds Contract Repairs Payroll Repairs Material Repairs Contract Elevator Maintenance/Contract Heating/Cooling Repairs and Maintenance Swimming Pool Maintenance/Contract Snow Removal Decorating Payroll/Contract Decorating Supplies Other (specify): Miscellaneous Operating & Maintenance Expenses SUBTOTAL Taxes and Insurance Real Estate Taxes 750 750 2,500 6,000 8,000 1,500 1,500 4,500 2,500 2,500 11,500 26,650 2,500 250 4,000 8,600 10,000
300 1,000
6,500 2,500
400 28,400 12,500
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Payroll Taxes (FICA) Miscellaneous Taxes, Licenses and Permits Property and Liability Insurance (Hazard) Fidelity Bond Insurance Workmen's Compensation Health Insurance and Other Employee Benefits Other Insurance: SUBTOTAL Supportive Service Expenses Service Coordinator Service Supplies Tenant Association Funds Other Expenses (specify): SUBTOTAL Reserves Replacement Reserves SUBTOTAL TOTAL OPERATING EXPENSES ADJUSTED TOTAL OPERATING EXPENSES (Does not include taxes, reserves and resident support services) * TOTAL UNITS (from total units in the Unit Mix section) PER UNIT PER YEAR
1,800 250 8,050 50 900 1,000
24,550 5,000 1,000
6,000 18,100 18,100 115,200 78,600 25 3,144
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Projected Cash Flow Year One

OPERATING INCOME Gross rental income (from Unit Mix - Total Monthly Rent) Stores and Commercial Laundry and Vending Other (specify): Laundry, Vending, NSF and Late Charges, Damages and Cleaning Fees, Forfeited Security Deposits Total Gross Income Potential at 100% Occupancy Seven Percent Vacancy Allowance NET RENTAL/OTHER INCOME TOTAL OPERATING EXPENSES (from Projected Operating Costs) NET OPERATING INCOME DEBT SERVICE (from Funding Sources Loans) NET CASH FLOW DEBT COVERAGE RATIO (Must not be less than 1.15) 1,750 155,110 10,857 144,253 153,360
115,200 29,053
31,266
-2,213 0.929
20-Year Cash Flow

Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio Year Net Rental/Other Income* Total Operating Expenses* Debt Service Net Cash Flow Debt Coverage Ratio 1 144,253 115,200 31,266 -2,213 0.929 11 193,864 170,524 31,266 -7,926 0.746 2 148,581 119,808 31,266 -2,493 0.92 12 199,680 177,345 31,266 -8,931 0.714 3 153,038 124,600 31,266 -2,828 0.91 13 205,670 184,439 31,266 -10,035 0.679 4 157,629 129,584 31,266 -3,221 0.897 14 211,840 191,817 31,266 -11,243 0.64 5 162,358 134,767 31,266 -3,675 0.882 15 218,195 199,490 31,266 -12,561 0.598 6 167,229 140,158 31,266 -4,195 0.866 16 224,741 207,470 31,266 -13,995 0.552 7 172,246 145,764 31,266 -4,784 0.847 17 231,483 215,769 31,266 -15,552 0.503 8 177,413 151,595 31,266 -5,448 0.826 18 238,427 224,400 31,266 -17,239 0.449 9 182,735 157,659 31,266 -6,190 0.802 19 245,580 233,376 31,266 -19,062 0.39 10 188,217 163,965 31,266 -7,014 0.776 20 252,947 242,711 31,266 -21,030 0.327
* Net Rental Income escalated at annual rate of 3% and expenses escalated at a rate of 4% after the first year.
Calculations:
1. "Net Rental/Other Income" comes from 1st-year cash flow, then it is escalated by 3% per year. 2. "Total Operating Expenses" comes from 1st-year cash flow, then it is escalated by 4% per year. 3. "Debt Service" is the sum of "regular/amortized loan debt service + non-amortizing annual service" as entered by user from Funding Sources section. 4. "Net Cash Flow" is "Net Rental/Other Income" minus "Total Operating Expenses" minus "Debt Service". 5. "Debt Coverage Ratio" is ("Net Rental/Other Income" minus "Total Operating Expenses") divided by "Debt Service".
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Design Features
ITEM Foundation/Slab Components Primary Windows DESCRIPTION Brick and block foundation with concrete slab Make: Silverline Model: 2900
Type/Construction: Vinyl-Tilt Sash w/5/8" Insulated Glass - 6/6 Lite Commercial GradeType: Metal Type: Vinyl Warranty: Lifetime Exterior Trim Vinyl and Aluminum Coil Tamko-Dimensional Type: Shingles Warranty: 30 Years Sprinkler System Cabinets Heat Pump Wet System Cardell Millenia Series - Oakbrook Gold - Wood Cabinets SEER: 11 Model: RPLA-024-JAC Air Conditioner SEER: 11 Model: RPLA-024-JAC Other Heat Systems SEER: Model: Make: Make: Rheem Make: Rheem Heritage Weight: Series
Exterior Doors
Frames: Metal Grade/Thickness: .044
Siding
Shingles
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Costs - Construction
This is a detailed breakdown of rehabilitation or construction costs you summarized in the Development Costs table (Rehabilitation and Construction of New Building(s)). The total should match those roll-up values. ITEM Concrete Footings Backfill-slab, Crawl Slab-concrete/Rebar/Gravel Waterproofing Masonry Foundation Brick Veneer Steel/Structure/Rails Framing/Lumber/Nails Trusses Crane Rental Windows/Grilles/Screen Exterior Doors Roofing Fencing Vinyl Siding/Trim/Box Gutters/Shutters Insulation Drywall Interior Doors Int. & Final/Stair/Trim/Shelves Cabinets & Tops Painting Marble - Tub/Shwr/Tops Plumbing Electrical Heating/Air Conditioning Floor Covering and Underlayment Wall Paper Mailboxes/Special Features/Signage Gypcrete Blinds/Shades/Art Work Light Fixtures/Fans Sprinkler System Security Alarm Hardwood Floors Elevator Ceramic Tiles Acoustical Ceilings 115,000 3,800 14,500 105,000 128,500 117,000 32,500 14,130 11,900 6,000 16,250 25,000 17,400 2,500 41,150 2,850 19,000 83,500 10,000 21,100 47,000 41,300 98,300 135,500 26,000 21,450 29,800 44,700 LABOR 3,200 MATERIAL 4,800 TOTAL 8,000 0 74,500 0 0 47,450 0 233,800 0 6,000 16,250 25,000 29,300 2,500 41,150 2,850 19,000 83,500 10,000 35,230 47,000 41,300 0 105,000 128,500 117,000 32,500 0 14,500 0 3,800 0 115,000 0 0 0 0 0
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Mirror/Shower Door/Encls. Hardware/Bath Access. Appliances Playground Equipment Interior Clean Exterior Clean/Dumpster Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 205,330 1,096,670 7,000 9,000 10,370 6,000 30,500
0 6,000 30,500 0 7,000 9,000 10,370 0 1,302,000
Masonry Foundation included in Brick Veneer. Trusses included in Framing. Labor Costs for the following are included in Materials:Vinyl Siding, Gutters, Insulation, Drywall, Cabinets, Painting, Plumbing, Electrical, HVAC, Floor Covering, Mailboxes, Blinds, Sprinkler System, Hardware/Bath, Other 1-VCT.
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Costs - General
This is a detailed breakdown of the General Requirements cost element you summarized in the Development Costs table (General Requirements). The total should match that roll-up value. ITEM Supervision Job Site Office/Trailer Rental Impact Fees Office Supplies Security/Watchman Water and Sewer Connection Fees Project Signage Tools and Equipment Gas, Oil, and Maintenance Cleanup/Dumpster Rental Temporary Water, Electric, and Telephone Storage/Hauling Driveway Access Permit Porta-John Rental/Dumping Builders Risk Insurance Re-inspection Fees Extra Plans and Specifications Miscellaneous, Casual Labor Equipment Rental Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: Other 1 - Various Permits for Construction 93,420 250 7,500 4,000 8,450 720 7,500 8,500 3,000 2,500 1,000 500 TOTAL 45,000 4,500
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Costs - Improvements
This is a detailed breakdown of the Site Improvements cost element you summarized in the Development Costs table (On-site Improvements). The total should match that roll-up value. ITEM Subsurface Exploration/Perk Testing/Site Engineering Clearing/Grading/Final Grading/Excess and Borrow Demolition Earthwork/Excavation/Aerating Soil Treatment Pile Foundations Caissons Shoring/Bracing Site Drainage Site Utilities/Site Lighting Paving and Surfacing/Curb and Gutter Walkways Site Signage Parking Lot Painting Dumpsite Pads/Fencing Fencing/Gates Landscaping/Topsoil Waterproofing/De-Watering Operation of Construction Equipment/Fuel/Oil Crane Rental Rock and Hardpan Excavation Site Supervision Personnel Other (specify in Remarks) Total Cost Remarks: 255,000 2,500 2,500 35,000 67,000 81,000 6,000 5,000 47,800 3,000 5,200 TOTAL
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Costs - Bond Costs

This is a detailed breakdown of the Bond Costs cost element you summarized in the Development Costs table (Bond Costs). The total should match that roll-up value. ITEM Letter of Credit Fee Credit Enhancement Underwriter Discount Capital Interest Fund Other 1 (specify in Remarks) Other 2 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Costs - Bond Issuance

This is a detailed breakdown of the Bond Issuance cost element you summarized in the Development Costs table (Cost of Issuance). The total should match that roll-up value. ITEM Bond Counsel Issuer Counsel Credit Enhancement/LOC Counsel Underwriter Counsel Developer's Counsel Rating Agency Fee Printing Trustee Fee Trustee Counsel Other 1 (specify in Remarks) Other 2 (specify in Remarks) Other 3 (specify in Remarks) Total Cost Remarks: 0 TOTAL
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Minimum Set-Asides
MINIMUM REQUIRED SET ASIDES (No Points Awarded): Select one of the following two options: 20% of the qualified units are rent restricted and occupied by households with incomes at or below 50% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 50% of median income) 40% of the qualified units are rent restricted and occupied by households with incomes at or below 60% of the median income (Note: No Tax Credit Eligble Units in the the project can exceed 60% of median income) If requesting RPP funds: 40% of the qualified unit are occupied by households with incomes at or below 50% of median income.
State Tax Credit and QAP Targeting Points: High Income county: At least twenty-five percent (25%) of qualified units will be affordable to households with incomes at or below thirty percent (30%) of county median income. At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below thirty percent (30%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below forty percent (40%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Moderate Income County: At least twenty-five percent (25%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
At least fifty percent (50%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least fifty percent (50%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. Low Income County: At least forty percent (40%) of qualified units will be affordable to households with incomes at or below fifty percent (50%) of county median income. At least forty percent (40%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income.
Tax Exempt Bonds Threshold requirement (select one): At least ten percent (10%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least five percent (5%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income. Eligible for mortgage subsidy points (select one): At least twenty percent (20%) of qualified units will be affordable to and occupied by households with incomes at or below fifty percent (50%) of county median income. At least ten percent(10%) of qualified units will be affordable to and occupied by households with incomes at or below forty percent (40%) of county median income.
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Full Application Checklist

PLEASE indicate which of the following exhibits are attached to your application. Others may be required as noted. A Nonprofit Organization Documentation or For-profit Corporation Documentation B Current Financial Statements/Principals and Owners C Ownership Entity Agreement, Development Agreement or any other agreements governing development services D Management Agent Agreement E Development and manager multi-family experience & Management Questionnaire (Appendix C) F Letters from State Housing Agencies or designated monitoring agent verifying Out of State Management Experience G Completed IRS Form 8821 (Appendix I) H Permitted zoning letter (including conditional and special use) I Site plan, floor plans and elevations
J Hazard and structural inspection and termite reports (Renovation projects only) K Description of any existing conditions of historical significance. L Description of environmental significance. M Anticipated budget demonstrating how the project would meet the 10% test by November 14th. N Evidence of Architect's Errors and Omissions insurance (or equivalent). O Description of acquisition for existing/occupied projects or for projects with occupied buildings to be demolished. P Description of proposed Relocation Plan & Relocation Budget, Etc. If any relocation is anticipated, reference Appendix F. Q Targeting Plan and supporting documentation (Required for projects targeted to Special Populations) R Local Housing Authority Agreement (Reference Model in Appendix I) S Appraisal (for land costs greater than $5,000 and for buildings in rehab projects) T Evidence of Permanent Loan Commitment, other sources of funds, and project-based subsidies. U Statement regarding terms of Deferred Developer Fee and, if nonprofit, resolution of Board approving fee. V Inducement Resolution (Tax-Exempt Bond Financed Projects only) W Documentation to support estimated utility costs.

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Project Name and Location

Jurisdiction CEO Name: First: Michael

Site Latitude: Site Longitude:

Proposed number of residential buildings: 1 Types of Units:* Project Includes:

Maximum number of stories in buildings: 1

Total Net Sq. Ft. (All Heated Areas): 31,143

Is the demolition of any buildings required or planned? No If yes, please describe:

First Name: Lyle Address: City: Phone: EMail:

Fax: (919)848-0455 Nonprofit: No TaxID 028-40-6430

First Name: Timothy Address: City: Phone: EMail:

Fax: (919)848-0455 Nonprofit: No TaxID 241-17-2557

Utilites included in rents:

Utilites included in rents:

Units targeted at 40 targeted at 40 targeted at 50 targeted at 50

Total Low Income Units:

Market Study Information

Front Gables or Dormers Other:

Wide Banding or Vertical/Horizontal Siding

30 Year Dimensional Roof Shingles and a Covered Drive Thru Entrance.

Ceramic Tile Electric Pump

Applicant's Site Evaluation

Contact Name: First: Tim

Architect Company: Address: City: Phone

Contact Name: First: Bob

Attorney Company: Address: City: Phone

Contact Name: First: Howard

Investor Company: Address: City: Phone

Contact Name: First: Chuck

Contact Name: First: Tim

Project Team Experience

If Other, specify the type of Federal subsidy:

Projected Operating Costs

400 28,400 12,500

1,800 250 8,050 50 900 1,000

24,550 5,000 1,000

6,000 18,100 18,100 115,200 78,600 25 3,144

Projected Cash Flow Year One

20-Year Cash Flow

Frames: Metal Grade/Thickness: .044

0 6,000 30,500 0 7,000 9,000 10,370 0 1,302,000

Costs - Bond Costs

Costs - Bond Issuance

Full Application Checklist

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